The CFO is facing both a civil lawsuit and criminal charges relating to his alleged misappropriation of company funds.
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The former CFO of a prominent local development firm has been accused of embezzling over $1.3 million from the company.
Richard Collins, former CFO of Southborough-based Walker Development and Construction Management, is facing both a civil lawsuit and criminal charges relating to his alleged misappropriation of company funds.
The civil lawsuit filed by Walker Development in Worcester Superior Court claims Jeffrey Walker, the firm’s CEO, discovered the alleged fraud after coming across a check in April 2025 in the amount of $30,500, payable to Collins.
Walker claimed in an affidavit he did not sign the check, and that Collins had used a stamp bearing his signature without authorization. Walker fired Collins after the discovery, and said in the affidavit further investigation unveiled Collins had withdrawn over $1.3 million from the company without permission. Walker said Collins later admitted to taking funds from the firm.
Collins was arranged on nine charges, including theft and identity fraud, on Tuesday, according to the Worcester Telegram & Gazette, which first reported on the accusations.
“It is an unfortunate situation,” Walker wrote in a statement to WBJ on Wednesday. “We treated him like family and trusted him. Fortunately, we have a great team in place and are in a stronger position today and moving forward.”
Attorney Darren Griffis is representing Collins in the criminal case, according to the Telegram, while Benjamin Rudolph is representing Collins in the civil case, according to court documents. Both attorneys work at Rudolf, Smith, Griffis and Ruggieri, LLC in Worcester. The law firm did not reply to an email from WBJ seeking comment.
Founded in 2013, Walker Development has worked on numerous projects in Central Massachusetts, including renovation of the Firefly’s BBQ restaurant in Marlborough and the renovation of former EMC office space in Hopkinton into 30,000 square feet of modern office and laboratory space.
The firm moved its headquarters from Marlborough to Southborough in 2024 as part of an effort to expand.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
